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TheStreet Open House

MannKind Corporation Reports 2013 Third Quarter Financial Results

Stock quotes in this article: MNKD

The net loss applicable to common stockholders for the third quarter of 2013 was $50.8 million, or $0.17 per share based on 296.4 million weighted average shares outstanding, compared with a net loss applicable to common stockholders of $42.8 million, or $0.22 per share based on 190.5 million weighted average shares outstanding for the third quarter of 2012. The number of common shares outstanding at September 30, 2013 was 309,993,285.

Cash and cash equivalents were $93.8 million at September 30, 2013 and $61.8 million at December 31, 2012. Subsequent to September 30, 2013, the Company received $45.0 million in proceeds from the exercise of warrants issued in MannKind’s October 2012 public offering. Additionally, The Mann Group exercised warrants resulting in the issuance of 30,000,000 restricted shares of MannKind’s common stock in exchange for the cancellation of $78.0 million in outstanding principal indebtedness owed by MannKind under the parties’ loan arrangement. Concurrently with the cancellation of principal indebtedness, MannKind capitalized into new principal indebtedness approximately $7.9 million of accrued interest. In addition, in October 2013, the promissory note underling the loan arrangement with The Mann Group was amended to, among other things, extend the maturity date of the loan until January 5, 2020 and extend the date through which the Company can borrow under the loan arrangement to December 31, 2019.

Conference Call

MannKind management will host a conference call to discuss these results today at 5:00 p.m. Eastern Time. To participate in the call please dial (800) 447-0521 or (847) 413-3238 and use the participant passcode: 34087264. To listen to the call via the Internet please visit http://www.mannkindcorp.com. The web site replay will be available for 14 days. A telephone replay will be accessible for approximately 14 days following completion of the call by dialing (888) 843-7419 or (630) 652-3042 and use the participant passcode: 3408 7264#.

About MannKind Corporation

MannKind Corporation (Nasdaq: MNKD) focuses on the discovery, development and commercialization of therapeutic products for patients with diseases such as diabetes. Its lead product candidate, AFREZZA®, has completed Phase 3 clinical trials.

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